Questions from Accounting for Government and Non-Profit

Q: Explain how general purpose governments differ from special purpose governments and give

Explain how general purpose governments differ from special purpose governments and give a few examples of each type of government.

Q: Why does the GASB encourage state and local governments to report service

Why does the GASB encourage state and local governments to report service efforts and accomplishments information in addition to a CAFR?

Q: Assessing General Obligation Debt Burden. This case focuses on the analysis

Assessing General Obligation Debt Burden. This case focuses on the analysis of a city’s general obligation debt burden. After examining the accompanying table that shows a cityâ...

Q: Following are a number of unrelated transactions for K-Town,

Following are a number of unrelated transactions for K-Town, some of which affect governmental activities at the government wide level. None of the transactions has been recorded yet. 1. The General F...

Q: Fleck County issued $5,500,000, 3 percent

Fleck County issued $5,500,000, 3 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 101. The county is required to use all accrued interest and premiums...

Q: In preparation for a proposed bond sale, the city manager of

In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin for the city as of December 31, 2010. You ascertain that t...

Q: Following is Franklin County’s debt service fund pre-closing trial balance

Following is Franklin County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2011. Required Using information provided by the trial balance, answer...

Q: The City of Jamestown has agreed to acquire a new city maintenance

The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made; nine annual lease payme...

Q: As of December 31, 2010, New Town had $9

As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities....

Q: Following are transaction data for a term bonds issue for the City

Following are transaction data for a term bonds issue for the City of Nevin. Prepare all necessary entries for these transactions in the city’s funds, and governmental activities journal at the govern...